Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1887-04-21
HOW GOLD is EXPORTED.
Something Of Interest and New to Many
Readers.
Boston Commercial Bulletin.

Something of Interest and New to Many
Readers.
Boston Commercial Bulletin.
Each key; contains $4,000 in clear
gold. It is from the Bank of America
at New York, that most of the gold is
shipped from that city. The foraign
steamships sailing from this city now
carry little Or no gold, although the
reverse was the case years ago. The
shipments of gold are not generally on
the banks account. At first glance
persons might we'll suppose that when
the demand arises for gold to send abroad
the shipper would only have to send
in his order for his hundreds of thousands
to the Sub-Treasury, where millions of
specie are on deposit. But there are
sufficient reasons why this plan will not
work. The Sub-Treasury can pay cut
its coin only to creditors of the Govern
ment. With the Bank of America the
associated banks keep on deposit con-
stantly an enormous sum of gold, some
times amounting to S40,00O,000. To the
members of the bank association the
Bank of America issues its own certific-
ates against these deposits, redeemable
on demand. So, when there is occasion
for making gold shipment, the coin is
! prepared for that purpose in the rear
Office of that bank; here it is bagged and
kegged and made ready for shipment.
Kegs in which gold is packed-specie
kegs, as they are called-are made of
extra hard wood. They must have an
extra iron hoop. Specie is not thrown
loosely into a key, nor, upon the other
hand, is it carefully wrapped in tissue
paper and piled up one coin upon an
other. The key serves only as protec-
ton for canvas bags, into which the gold
is placed in the ordinary hit and miss
fashion of pennies in a mans pocket
Into each bag goes $4,000, and ten bags
| fill key. In the interest of security
each keg is treated to what is technically
known among the shippers as the red
TAPPING process. At each end of the keg
in the projecting rim of the slaves above
the head, are bored four holes at equidist-
ant intervals. A piece of red tape is run
through these holes, crossing on the head
of the keg, and the ends finally meet in
the center. At the point of meeting the
tape is sealed to the kegs head by wax
bearing the stamp of the shipper. Colo
crosses the ocean very much as does
every other kind of freight, without any
special looking after. The average rate
of insurance is about $4,000 on ship
ment of $1,00O,00O. There are shipper:
who do not insure. Having to ship ST.,
100000, they give it in different parts .t
half dozen different vessels. It is
strict rule with some firms never to trus
more than $250,O0O at time on any one
ship. A certain party furnishes all the
kegs for gold and packs them. The mar
who does this is a monopolist in his way
Shippers of large amounts always lose {
few dollars by abrasion, but not exceed
ing sixteen ounces on million dollar
shipment. The protection to be found
against abrasion lies in the shipment OF
gold in bars instead of coin. Gold bars
are not readily obtained.
New York City has an odd character
who delights in fooling people by posing
as wax figure. He is forty-ive years
old, dresses we'll, and is often taken for
wax figure, as he sits with an umbrella o.
cane acrocs his lap and programme il
front of him The superintendent of th
museum thinks Of putting him in the cata
logue.
The Philadelphia Evening Bulletin cele
brated its fortieth anniversary last Satur
day. 1t is the ablest evening paper il
| that city.